The livestock outlook by USDA was part of the agency's big October crop report, which provided some pleasant surprises for a market expecting the worst.
Here are the official projections:
The corn crop was pegged at almost 10.9 billion bushels, the second largest harvest on record. That number fell right in line with trade guesses, and was some 218 million bushels above USDA's September projection.
The soybean harvest is projected at nearly 3 billion bushels, some 111 million bushels above last month's prediction.
And the cotton harvest was increased by 1.2 million bales over the September guess to 22.7 million bales.
Traders also were tuned in to USDA projections on the 2005/2006 carryout. Ending stocks for soybeans were substantially lower than what the markets expected. And the wheat carryout dropped more than 15 percent over USDA's September projection to 530 million bushels.
Bottom line: The USDA reports were positive to the bean and wheat markets ... and neutral to corn.